New York-based BLDG Management Company landed a rare, long-term financing for the development of an 80/20 property at 222 East 44th Street, in a deal brokered by The Greystone Bassuk Group, several sources told Commercial Observer.

Bank of China provided a 10-year, $254 million construction-to-permanent loan facility for the Midtown East multifamily development, which extends a full block between Second and Third Avenues, according to the brokers and sponsor.

The site will house a 43-story apartment tower with a multilevel parking garage and ground-floor retail space once the building is completed in 2017. The property, which is being financed under the 80/20 Housing Program, will contain 342 residential units at market-rate rent and 87 affordable units for households earning 60 percent of the New York City area median income or under.

The 441,000-square-foot tower will feature various amenities, including concierge and valet services, an indoor swimming pool, and other common areas.